The Morrison Government looks to be within surplus striking distance, with yesterday’s budget outcome numbers showing some strong gains for the Coalition.

Lower welfare expenditure and sizable jobs growth is behind the fiscal boost, with the Treasurer still confident the $342 billion debt burden will be reduced under his watch.

“The budget is on track to come back to balance in 2019-2020. That is a year earlier than expected,” Josh Frydenberg tells Luke Grant.

Many find this projection to be a reasonable estimate, with the $10 billion deficit at its lowest level in a decade.

“This is a very strong endorsement of our economic plan. The deficit is the lowest in a decade. We’ve bought down our rate of spending growth to the lowest level in 50 years. We have reduced the number of people of working age on welfare to its lowest level in 25 years.”

“The result is the economy is growing strongly. 100,000 young people got a job last year. That’s the greatest number since numbers were first kept.”

“We came to government inheriting all this Labor debt and a rate of spending growth that would have seen our debt reach a trillion dollars. We’ve reversed the tide and become very responsible.”

The Treasurer also commented on Scott Morrison’s idea to retain Australia Day, but create a different day to celebrate Indigenous culture.

“I think what the PM has done is sensibly defend Australia Day. We shouldn’t give into those zealots that say it’s invasion day and therefore, we should scrap it. That’s wrong.”

“But at the same time, we should also recognise the wonderful contribution that our first Australian people have made to our great country and celebrate those great achievements.”